Taxation

Treasury written question – answered on 29th October 2021.

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Photo of Lord McKenzie of Luton Lord McKenzie of Luton Labour

To ask Her Majesty's Government what plans they have, if any, to change the tax year end to 31 March each year.

Photo of Lord Agnew of Oulton Lord Agnew of Oulton Minister of State (HM Treasury), Minister of State (Cabinet Office)

The Government has no plans to change the tax year end to 31 March each year. On 15 September 2021, the Office for Tax Simplification (OTS) published a report exploring a change to the date of the tax year end. The report found that, although there would be simplification benefits of moving the tax year, the transitional costs to Government and the private sector would be significant. The OTS does not consider that such a change should take place in the immediate future.

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